PCA Said to Shut Down Hedge Fund After CIC Withdraws Backing

Bloomberg – PCA Investments decided to shut a multistrategy hedge fund after China’s sovereign wealth fund, its only major outside investor, indicated it would pull its money, said two people familiar with the matter.

PCA also closed its Hong Kong office that was focused on Asian stock investments, cutting at least five jobs, said the people who declined to be identified because the information is private. The fate of its office and employees in Beijing, where founder Hu Hang sits, is not immediately clear.